Voya Investment Management LLC Reduces Stock Holdings in Flex Ltd. $FLEX

Voya Investment Management LLC reduced its position in shares of Flex Ltd. (NASDAQ:FLEX) by 4.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,061,224 shares of the technology company’s stock after selling 252,721 shares during the quarter. Voya Investment Management LLC owned 1.61% of Flex worth $351,369,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Brighton Jones LLC purchased a new stake in Flex during the fourth quarter valued at approximately $260,000. Deutsche Bank AG grew its position in shares of Flex by 1.4% during the 1st quarter. Deutsche Bank AG now owns 55,177 shares of the technology company’s stock valued at $1,825,000 after acquiring an additional 774 shares during the period. Ethic Inc. increased its stake in shares of Flex by 3.0% in the 1st quarter. Ethic Inc. now owns 21,748 shares of the technology company’s stock worth $726,000 after purchasing an additional 627 shares in the last quarter. American Century Companies Inc. raised its holdings in Flex by 42.2% in the 1st quarter. American Century Companies Inc. now owns 986,492 shares of the technology company’s stock worth $32,633,000 after purchasing an additional 292,646 shares during the period. Finally, Cresset Asset Management LLC lifted its position in Flex by 18.3% during the first quarter. Cresset Asset Management LLC now owns 12,466 shares of the technology company’s stock valued at $412,000 after purchasing an additional 1,932 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. KeyCorp upped their price target on Flex from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Flex in a report on Monday. Wall Street Zen downgraded shares of Flex from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 9th. JPMorgan Chase & Co. upped their price target on shares of Flex from $60.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Finally, Zacks Research upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $65.88.

Insider Buying and Selling

In other news, COO Kwang Hooi Tan sold 12,500 shares of Flex stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $64.88, for a total value of $811,000.00. Following the sale, the chief operating officer directly owned 251,136 shares of the company’s stock, valued at approximately $16,293,703.68. The trade was a 4.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael P. Hartung sold 15,000 shares of the stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $62.21, for a total value of $933,150.00. Following the transaction, the insider directly owned 211,198 shares of the company’s stock, valued at approximately $13,138,627.58. The trade was a 6.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 107,500 shares of company stock worth $6,593,750 in the last 90 days. 0.57% of the stock is owned by company insiders.

Flex Trading Up 0.3%

Flex stock opened at $63.04 on Friday. Flex Ltd. has a 1 year low of $25.11 and a 1 year high of $72.22. The firm’s 50 day moving average price is $62.05 and its 200-day moving average price is $55.32. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.33 and a quick ratio of 0.83. The stock has a market cap of $23.31 billion, a P/E ratio of 27.89, a PEG ratio of 1.67 and a beta of 1.26.

About Flex

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.